Hey All!
So I am currently short NZD/JPY - trying to jump in on the continued downtrend as can be seen:
I got in at the 74.225 level with my stop loss at previous highs around the 75.75 level with, it seems, low commodity prices, New Zealand’s economic issues, comdolls being hurt by the strong dollar and ten year bond yields plus USA China trade woes - it looks like NZD could have further to fall for the near future.
However, the weekly chart points to heavy support for the pair around the 74.21 level - I will wait until price heads towards this point before reassessing my position but I will certainly be hesitant to stay in unless we see a heavy sell which creates a strong bearish candle finishing below this support level.
Anybody else in this one? any thoughts or opinions on this one?
1 Like
Just traded this for 100 Pips as it forms its Range Setup on Daily Chart…
I actually see it hitting Support a little lower at 73.21 which coincides with where the Support Boundary is formed on Daily Chart.
Different approaches to see the same thing.
I will do a video as usual after my trades and post it here.
**Duane **
DRFXTRADING
Very interesting to see how you’re analysing it Duane.
I’m still in at the moment and have moved my stop down to just above previous high on the 4 hourly chart:
I didn’t get out when GBP/CAD dropped and then I had to take a break even.
I thought about getting out now it has reached previous lows but I’m thinking that there could potentially be a sharp move lower especially if some of the Chinese results are less than expected.
What are your thoughts now Duane?
Christian
